According to the report, global blockchain technology in supply chain management market was valued at around USD 40.99 million in 2017 and is expected to reach approximately USD 666.61 million by 2024, growing at a CAGR of 49.16% between 2017 and 2024.

New York, NY, June 19, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Blockchain Technology in Supply Chain Management Market by Type (Public, Private, and Consortium), by Protocol (Bitcoin, Ethereum, Ripple Consensus network, Hyperledger, R3’s Corda, Symbiont Distributed Ledger, and Others), for Vertical (Contract Management, Payment Systems, Procurement, Provenance, Ownership Transfer, Asset Tracking & Inventory Control, and Others) : Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017-2024’’. According to the report, global blockchain technology in supply chain management market was valued at around USD 40.99 million in 2017 and is expected to reach approximately USD 666.61 million by 2024, growing at a CAGR of 49.16% between 2017 and 2024.

Blockchain technology is a digitalized public ledger for all cryptocurrency transaction. It is a distributed database which is non-replicable. Transactions are recorded and arranged in a chronological order to keep a track of the digital currency flow without maintaining any record or file. Due to the financial crisis in the bank, several people lost their trust over banks and faced transaction issues thus creating the need to bring a new solution to this problem. Bitcoin supports digital transactions without involving any trusted intermediary. Bitcoin-based on blockchain technology was introduced in 2008 and was first traded or exchanged in 2010. Supply chain auditing, crowdfunding, anti-money laundering, stock trading, decentralized file storage on the internet, sell & purchase of renewable energy generated by neighborhood microgrids are some of the newly emerging business trends by the adoption of blockchain technology in different sectors. Blockchain technology is transforming the face of supply chain management market at a rapid pace.

Some of the key benefits of the supply chain with blockchain technology are fast issue identification, reduced delays from paperwork, improved inventory management, minimized courier cost, and reduced fraud and errors. Blockchain technology has enhanced security features to stop the replication of documents but still, the technology has a threat from piracy and data breach. Challenges related to supply chain which has been overcome by the adoption of blockchain technology are tracking transparency, visibility and data consolidation, and real-time issue resolution. Some of the supply chain management companies such as Walmart, Maersk, British Airways, UPS, and FedEx have integrated the blockchain technology for their supply chain management systems. Storj is a company that is presently beta-testing the concept of developing cloud storage based on blockchain technology to improve security by decreasing users dependency on a single storage provider’s centralized system.

Some of the major factors which are driving the market growth are raising cryptocurrency market capital and Initial Coin Offering (ICO), faster transactions, reduced total cost of ownership. Furthermore, increasing adoption of Blockchain as a Service (BaaS), and simplifying business processes, and creating transparency and immutability are another major market driving factors. However, uncertain regulatory status and lack of a common set of standards are hindering the market expansion. Additionally, transforming international trade & supply chain, a new breed of programmable blockchain platforms are projecting a significant market opportunity for players in the forecast years. Besides, of several advantages, there are some hurdles in the adoption of blockchain technology such as difficulty to control, interoperability of one blockchain with another blockchain, limited scaling of the blockchain, and risk of privacy & security.

On the basis of type, the market is bifurcated into public, private, and consortium. Furthermore, by protocol type market is classified as Bitcoin, ethereum, ripple consensus network, hyperledger, R3’s corda, symbiont distributed ledger, and others.

Geographically, blockchain technology in supply chain management market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. North America is expected to dominate the market in the forecast period due to the presence of prominent players in the region and higher present rate of blockchain technology adoption. Asia-Pacific region is adopting the digital currency trend which is catering to the growth of the market. Asia-Pacific region is expected to grow with the highest CAGR during the forecast period because of foremost adoption of blockchain technology across multiple industry verticals such as procurement, ownership transfer, asset tracking & inventory control, payment systems, and others.

Blockchain technology in supply chain management has gained high market pace in the North American region followed by Europe and will continue the same in the forecasted years. Because of the presence of prominent players and a higher rate of blockchain technology adoption in different sectors blockchain technology in supply chain management has gained market value in North America in a very less time. Solution providers for blockchain are majorly focusing towards the emerging technologies in blockchain field which can be provided as a service. This new emerging trend in Europe has driven the current market growth. Furthermore, the Asia Pacific region has a heavy impact on growing industrial pace and awareness of blockchain technology among various verticals. Asia Pacific region is expected to have the largest potential for this market growth in the forecast period due to growing logistics and supply businesses. At the end of 2016, the government of Dubai has announced to convert all the Emeritus’ municipal documents to blockchain technology platform by 2020. Dubai government believes that its blockchain strategy can generate 25.1 million hours of economic productivity each year in savings.Inquire more about this report before purchase @ https://www.zionmarketresearch.com/inquiry/blockchain-technology-in-supply-chain-management-marketAbra, Alphapoint, Bitfury Group Ltd., Bloq Inc., BTL Group Ltd., Digital Asset Holding LLC, Digital Treasury Corporation, Ethereum Foundation, Factom, IBM Corp., Blockcypher Inc., Microsoft, Primechain Technologies Pvt. Ltd., and Skuchain are some of the major players in the blockchain technology in supply chain management market.

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